$BTC 1. Price and Market Value

◦ Recent Performance: In May 2025, it broke through $105,000, with an annual increase of over 300%, and the market value exceeded $2 trillion, accounting for 45% of the total cryptocurrency market value.

◦ Institutional Holdings: Public companies like MicroStrategy and ETFs hold over 1.05 million BTC (accounting for 5% of the total), while sovereign nation reserves account for about 0.5%.

2. Capital Flow Analysis

◦ Realized Market Value (RC): In the last 30 days, the RC of BTC+ETH increased by $24.2 billion, indicating new capital inflow, but the growth rate is lower than in previous bull markets, posing a risk of divergence between price and capital.

◦ Stablecoin Correlation: The net inflow of platform stablecoins is positively correlated with BTC prices, with a recent 30-day net inflow of $6.7 billion.